The coronavirus and the government-induced lockdowns have wreaked havoc on the global economy and millions of people can’t access their own money. Reports from financial stricken areas like Venezuela, Argentina, and Lebanon show that citizens are being stopped from accessing their own hard-earned savings. The news shows the great importance of censorship-resistant money and how society should gravitate toward ideas like bitcoin as soon as possible.
Covid-19 Withdrawal Restrictions Worldwide Impede Citizens from Taking Out Their Own Funds
The coronavirus outbreak was rough, but not nearly as horrendous as the over-reactive measures taken by global lawmakers and today’s so-called ‘scientific experts.’ After two and a half months have gone by, it is now quite clear to many people that the response to the pandemic was uncalled for and the lockdowns were the worst mistake humanity has made in over 100 years. Despite the fact that numerous scholarly studies and papers show that the virus wasn’t that bad and had a survival rate of over 99%, governments continue to enforce draconian measures across the globe.
Every day in Lebanon, people wait outside the financial institutions waiting to withdraw money, and Lebanon’s banks have restricted withdrawals to $100 per week. On any given day, a bank employee will also only allow 15 Lebanese residents in the bank per day to get $100 and everyone else waiting in line is told to leave.
In Venezuela, people are also having a hard time accessing funds from banking institutions as well. Things got worse for Venezuelans when the Decree N° 4167 published on March 23, 2020, introduced a payment suspension and noted the Socialist Party would restructure payment systems. There is a massive difference between the going street rate of the sovereign bolivar and the bank rate. Venezuelans are also limited to withdrawing very small fractions of funds from institutions like Banco Provincial.
The Argentine Financial Crisis, Egypt’s Ongoing Withdrawal Limits, and the UK and Australia’s Assault on Cash
In Argentina, the financial system is almost as bad as Venezuela’s economy, and it is worsening every day. On May 16, Buenos Aires resident, Manuel Araoz, described a weird financial situation in Argentina.
“Something really weird happened in Argentina this week. It’s hard to explain to anyone not living here, but I’ll try,” Araoz tweeted. “Historically, Argentina had the most ridiculous prices for imported products. For example, in 2013 the iPad was $499 in the US, but $1094 in Argentina. This was due to very high import taxes (50%) and very corrupt customs which hold most products for months unless you…